KREDO Holdings, a subsidiary of BlackRock, is reapplying for an EBL (Electricity Business License) after the South Korean government rejected the company's five offshore wind farm developments.
KREDO Holdings is working on an offshore wind farm complex off the coast of Sinan-gun, Jeollanam-Do. The South Korean government rejected the EBL for five projects within this complex, citing failure to meet the financial criteria. Additionally, concerns were raised about the electrical grid in the region, which could impact connecting the complex to the grid. KREDO has now organized its documents and has re-applied. The grid issue is expected to be resolved, as the province plans to establish up to 30GW, necessitating grid upgrades to meet these goals. Approval has already been granted for 16GW worth of projects. The question now is how quickly these projects will be approved. Since the Electricity Commission meets monthly, it is unclear whether the KREDO resubmission is on the agenda for the next meeting.
